Tradeweb Markets Inc. (TW) Revenue History
Annual and quarterly revenue from 2016 to 2025
Compound Annual Growth Rate (CAGR)
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TW Revenue Growth
Revenue Breakdown (FY 2025)
TW's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
TW Revenue Analysis (2016–2025)
As of May 6, 2026, Tradeweb Markets Inc. (TW) generated trailing twelve-month (TTM) revenue of $2.16 billion, reflecting exceptional growth of +21.2% year-over-year. The most recent quarter (Q1 2026) recorded $617.8 million in revenue, up 18.5% sequentially.
Looking at the longer-term picture, TW's 5-year compound annual growth rate (CAGR) stands at +18.1%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $2.05 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows TW's business is primarily driven by Transaction Fee Revenue (83%), Subscription Fee Revenue (11%), and Market Data Revenue (5%). With over half of revenue concentrated in Transaction Fee Revenue, the company maintains significant focus in this area while developing other growth vectors.
When compared to Financial Services sector peers including ICE, CME, and MKTX. Compare TW vs ICE →
TW Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TWCurrent | $2.2B | +21.2% | +18.1% | 41.2% | |
 ICE | $12.6B | - | - | 38.7% | |
 CME | $6.5B | - | - | 64.9% | |
 MKTX | $817M | - | - | 41.7% | |
 CBOE | $4.7B | - | - | 32.1% | |
 NDAQ | $8.2B | - | - | 28.4% |
TW Historical Revenue Data (2016–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.05B | - | $1.38B | 67.3% | $845.1M | 41.2% |
| 2024 | $1.73B | - | $1.13B | 65.7% | $678.0M | 39.3% |
| 2023 | $1.34B | - | $877.9M | 65.6% | $505.3M | 37.8% |
| 2022 | $1.19B | - | $756.4M | 63.6% | $412.6M | 34.7% |
| 2021 | $1.08B | - | $669.2M | 62.2% | $358.8M | 33.3% |
| 2020 | $892.7M | - | $543.0M | 60.8% | $263.4M | 29.5% |
| 2019 | $775.6M | - | $446.1M | 57.5% | $189.8M | 24.5% |
| 2018 | $657.6M | - | $368.1M | 56.0% | $172.3M | 26.2% |
| 2017 | $504.4M | - | $255.5M | 50.6% | $89.1M | 17.7% |
| 2016 | $492.2M | - | $263.6M | 53.6% | $93.1M | 18.9% |
Full TW Stock Analysis
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Start ComparisonTW — Frequently Asked Questions
Quick answers to the most common questions about buying TW stock.
Is TW's revenue growth accelerating or slowing?
TW revenue is accelerating at +21.2% year-over-year, exceeding the 5-year CAGR of +18.1%. TTM revenue reached $2.2B. Growth momentum has increased versus prior periods.
What is TW's long-term revenue growth rate?
Tradeweb Markets Inc.'s 5-year revenue CAGR of +18.1% reflects the sustained expansion pattern. Current YoY growth of +21.2% is above this long-term average.
How is TW's revenue distributed by segment?
TW reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2016-2025 are available for download. Segment mix reveals concentration and diversification trends.